When someone passes away, as a resident of one state owning real property in another, it is necessary to do an ancillary proceeding.  If the decedent died leaving a will, then it is referred to as an ancillary probate, while if there was not will, it is usually referred to an ancillary administration.

Quite simply,...

A well-conceived estate plan will help you prepare for the expected and the unexpected. A will, for example, declares how your property will be distributed after your inevitable death, while a power of attorney designates a trusted person to manage your personal and business affairs in the event that you become incapacitated without warning....

It is not usually necessary for clients to have their wills and/or trusts updated, if they have been prepared properly in the first place, unless there have been changes in one's family and/or circle of friends.  It is imperative, however, that one update their asset list on a regular basis.  What is meant by...

With a power of attorney, you are essentially empowering another to act on your behalf in a legal capacity. You, the principal or grantor, authorize your attorney to carry out legal and business actions on your behalf. The power of attorney is an important aspect of the estate planning process. It can prove...

    For many years, purchasing long-term health care insurance was seen as the perfect way to pay for health care needs in one’s later years.  There were many great policies, which offered home care, nursing home care and care in assisted living facilities.  While many complained that the premiums were high, when...

Medicaid is a need based government assistance program. To qualify for Medicaid, your income and other financial resources must fall below a certain threshold. Unfortunately, if you do not qualify for Medicaid, you can quickly see your assets dwindle as the cost of long term medical care is very expensive. The costs will eat...

Protecting Your Digital Assets After Your Death

Although people started creating wills and thinking about post mortem asset distribution thousands of years ago, some aspects of estate planning are a great deal more current. While people have always been able to imagine and prepare for babies not yet conceived, anticipated marriages or unexpected deaths, it...

Knowing what to do when a loved one dies can alleviate some of the uncertainty and anxiety that normally follows. Of course, funeral arrangements must be made quickly and family members must be notified.  One should order sufficient copies of the death certificate, as there may be a delay in obtaining additional copies later...

 

New York, like all states, provides legal protection for spouses, in terms of inheritance rights.  The provisions largely originated from the problems which occurred when a husband would die, providing the bulk or all of his assets to a female companion, thus leaving his wife and children without support.  Of course, things have changed,...